Seven public B2B / SaaS companies are growing 30%+ ARR at $1B+ ARR — and command premium valuations.
That’s the trifecta. 30%+ growth at $1B ARR, and accelerating. Palantir accelerated from 30% to 48% (+18 points). Figma maintains elite 48% growth. Shopify bounced to 31% (+5 points). Rubrik’s subscription ARR is growing 36-38%. The market rewards sustainable, recurring revenue growth more than total revenue spikes.
The High-Growth Leaders: 7 Companies Growing 30%+ ARR
Here’s what separates the best from the rest in today’s market:
Rubrik (RBRK) – 38% ARR Growth at $1.2B ARR – The Cybersecurity Rocketship
$16B market cap. $1.2B ARR. The headline shows 65% YoY growth at 12.7x Price-to-ARR.
Butthat 65% includes non-subscription revenue and one-time items. The real story is in subscription ARR—the recurring, predictable revenue that actually matters.
Rubrik’s subscription ARR grew 36-38% over the past year. Still impressive at $1.2B scale, but not the 65% headline. Here’s why this matters: A year ago (Q3 FY2025), they were also growing subscription ARR at 38%. So they’ve maintained high growth, not dramatically accelerated.
The gap between 65% total and 36% subscription comes from:
- Non-recurring revenue tied to legacy products
- One-time transition of maintenance customers to subscriptions
- Material rights recognition from contract conversions
Why this is still a strong story: 36-38% subscription ARR growth at $1.2B scale is excellent execution in cyber resilience. Their subscription NRR is above 120%, and 85% of their ARR now comes from larger enterprise customers ($100K+). They’re building a sustainable, high-quality recurring revenue business.
But the 12.7x multiple reflects that the market understands the difference between total revenue spikes and sustainable subscription growth. Compare this to Figma at 27x for 48% pure SaaS growth—the market pays premiums for clean, recurring revenue stories.
Palantir (PLTR) – The Enterprise AI Re-Acceleration Story
$431B market cap. $4.0B in ARR. Growing 48% YoY. Trading at 107.4x Price-to-ARR.
A year ago? Palantir was growing 30% (Q3 2024). Now they’re at 48%. That’s +18 percentage points of acceleration at $4B scale.
This is the real acceleration story in this list. Palantir accelerated from 30% to 48% growth while already at $4 billion in revenue. This doesn’t happen. Ever.
The market’s 107x multiple reflects this: You’re not just paying for current growth, you’re paying for demonstrated acceleration at massive scale. Palantir’s AI Platform (AIP) is driving this—they’re becoming the AI infrastructure layer for government and enterprise, not just a SaaS company.
Figma (FIG) – The Gold Standard for Consistent Execution
$27B market cap, $1.0B ARR, growing 48% YoY at 27.3x Price-to-ARR.
A year ago? Also 48%. Figma’s not accelerating, but they’re not decelerating either. At $1B ARR, maintaining 48% growth year-over-year is exceptional execution.
This is what clean, sustainable, high-growth SaaS looks like. Product-led growth that converted to enterprise. No non-recurring revenue games. No accounting adjustments. Just pure subscription growth at elite rates.
The 27.3x multiple rewards this consistency. The market knows what it’s getting with Figma—predictable, high-quality growth.
Klaviyo (KVYO) – Consistent Top-Tier Growth in eCommerce Marketing (and More)
$8B market cap, $1.2B ARR, 40% YoY growth, 6.7x Price-to-ARR.
Klaviyo’s been remarkably consistent: 63% in 2022, 48% in 2023, 34% in 2024. They’ve decelerated as they’ve scaled—which is natural at $1B+ ARR—but they’re still growing 34-40% at serious scale.
The 6.7x multiple looks low compared to others on this list, and there are three reasons why:
First, category perception. E-commerce marketing automation is viewed as more competitive and commoditized than cyber resilience (Rubrik) or design platforms (Figma). Klaviyo competes with HubSpot, Braze, Iterable, and others. The market doesn’t see the same defensive moat.
Second, the deceleration trend. Going from 63% → 48% → 34% over three years signals a company approaching maturity, not one finding new growth vectors. The market wants to see stabilization or re-acceleration before paying a premium.
Third, Shopify dependency. Most of Klaviyo’s 167,000+ customers are Shopify merchants. While their partnership has been a growth driver, it creates concentration risk. They’re expanding upmarket and internationally (42% YoY growth in EMEA/APAC), but the market wants proof this reduces Shopify exposure.
Here’s what’s working: NRR of 108-110% is solid. They crossed 2,850 customers paying $50K+ ARR (up 46% YoY), showing upmarket traction. SMS adoption grew from 16% to 18% of customers. And they crossed the $1B revenue run rate—a major milestone.
The real question: Can Klaviyo find new growth vectors beyond email/SMS for e-commerce? They’re positioning as a customer data platform (CDP) and expanding into broader “consumer engagement.” If they can prove they’re more than just email marketing for Shopify stores, this 6.7x multiple re-rates quickly.
At 34-40% growth and $1.2B ARR, Klaviyo’s executing well. The low multiple is about category positioning and future growth potential, not current performance.
Snowflake (SNOW) – Re-Accelerating at Scale
$84B market cap, $4.6B ARR, 38% YoY growth, 18.3x Price-to-ARR.
Snowflake is back, from a low of +25% growth.
At $4.6B scale, 38% is still elite. The 18x multiple reflects confidence in Snowflake’s market position, but acknowledges the natural deceleration of a company approaching $5B in ARR.
Shopify (SHOP) – The Epic E-Commerce Re-Accelerator
$211B market cap, $10.7B ARR, 31% YoY growth, 19.7x Price-to-ARR.
A year ago, Shopify was growing 26%. They’ve accelerated to 31%. That’s +5 points of acceleration at $10B+ scale.
Shopify is accelerating at $10 billion in revenue. That’s remarkable. They’re proving that great execution can find new growth vectors even at massive scale.
What the Real Numbers Tell Us
Quality of Revenue Matters More Than Headline Growth:
- Rubrik: 65% total vs 36% subscription ARR → 12.7x multiple
- Figma: Clean 48% subscription → 27.3x multiple
- The market pays 2x the multiple for clean, predictable growth
Acceleration at Scale Gets Massive Premiums:
- Palantir: +18 points at $4B scale → 107x multiple
- Shopify: +5 points at $10B scale → 19.7x multiple
Consistency Beats One-Time Spikes:
- Figma: Flat at 48% → 27.3x multiple (consistency premium)
- Rubrik: Maintained 36-38% → 12.7x multiple (solid but not accelerating)
What This Actually Means for You
If you’re a founder or operator, here are the takeaways:
Focus on Subscription/Recurring Revenue. Rubrik’s doing a lot right, but the market clearly values their 36% subscription ARR growth differently than headline 65% total growth. Build recurring, predictable revenue streams—not one-time spikes.
Acceleration at Scale is the Holy Grail. Palantir’s +18 point acceleration at $4B is getting a 107x multiple. Shopify’s +5 point acceleration at $10B is getting 20x. If you can re-accelerate at scale, the market rewards you massively.
Maintain Elite Growth Consistently. Figma’s 48% flat is getting 27x because the market trusts the execution. Consistency at high growth rates builds premium valuations over time.
Re-acceleration After Deceleration Takes Proof. Klaviyo’s growing 40% (strong!) and re-accelerating +6 points, but only getting 6.7x. Why? The market needs multiple quarters of proof after seeing 2024’s slowdown.
Be Honest About Your Metrics. The market sees through headline numbers. Rubrik’s not hiding anything—they report both total and subscription ARR—but investors value the recurring revenue story, not the total revenue story.
